Despite Skyrocketing Demand For Guns, One Manufacturer Still Files For Bankruptcy
The demand for guns has dramatically increased nationwide over the last few months, with many reporting that local gun shops are continuously out of firearms and ammunition.
Remington, which supplies weapons for hunting, shooting sports, law enforcement and the military, sought chapter 11 protection and will try to sell its business at a time when civil unrest and worries about personal safety have driven firearm sales to record highs.
The chapter 11 petition in the U.S. Bankruptcy Court in Decatur, Ala., marks Remington’s second restructuring since 2018, when it filed for chapter 11 and transferred ownership to investors including Franklin Resources Inc. and JPMorgan Chase & Co.
Remington has been searching for potential buyers and was in talks to sell itself out of bankruptcy to the Navajo Nation before negotiations collapsed in recent weeks, leaving the company without a lead bidder, or stalking horse, in place.
Despite shedding roughly $775 million in debt in 2018, the company has struggled with high interest costs and has faced litigation related to the 2012 Sandy Hook Elementary School massacre, in which the killer used a Bushmaster rifle manufactured by Remington.
Bearing Arms continues by pointing out the obvious: that these lawsuits are not about justice. They are about destroying an industry by making it too expensive to stay in business. This leads to de facto gun control.
This is just the Left’s latest trick in trying to turn our country on its head.